Scott Olson / Getty ImagesPresident Donald Trump signed a proclamation that will eliminate student loan debt for qualifying disabled veterans following a speech at the American Veterans' 75th National Convention at the Galt House on Aug. 21, 2019, in Louisville, Kentucky. (Scott Olson / Getty Images)

After praising the sacrifices made by disabled American military veterans, President Donald Trump signed a memo Wednesday that forgives “every penny” of the federal student loan debt incurred by tens of thousands of them.

The president’s remarks came during a speech at the 75th national convention of AMVETS, a veterans organization, in Louisville, Kentucky.

“In a few moments, I will sign a memorandum directing the Department of Education to eliminate every penny of federal student loan debt owed by American veterans who are completely and permanently disabled.”

“The debt of these disabled veterans will be entirely erased. It will be gone,” Trump added. “Sleep well tonight.”

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Trump’s order does not actually create a new policy; the Department of Education already allows severely disabled military veterans to have their federal student debt forgiven.

“However, recent records revealed the government continues to seek repayment on $1 billion in student loans from more than 40,000 severely disabled veterans who have been deemed unable to work,” CNBC reported. “More than 25,000 of them are in default and just 8,500 of them have applied for forgiveness.”

The existing policy is essentially failing. Now, Trump is seeking to fix it.

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“There is a pressing need to quickly and effectively resolve this problem,” Trump’s order states. “Therefore, my Administration will take prompt action to ensure that all totally and permanently disabled veterans are able to obtain, with minimal burden, the Federal student loan debt discharges to which they are legally entitled.”

The order directs the secretaries of the Veterans Affairs and Education departments to develop a process that will “facilitate the swift and effective discharge of the Federal student loan debt of totally and permanently disabled veterans.”

Joe Setyon is an associate story editor for The Western Journal who has spent his entire professional career in editing and reporting. He previously worked in Washington, D.C., as an assistant editor/reporter for Reason magazine.

Joe Setyon is an associate story editor for The Western Journal with several years of copy editing and reporting experience. He graduated with a degree in commuication studies from Grove City College, where he served as managing editor of the student-run newspaper. Joe previously worked as an assistant editor/reporter for Reason magazine, a libertarian publication in Washington, D.C., where he covered politics and wrote about government waste and abuse.